Canoe Financial LP Sells 3,774,700 Shares of Cenovus Energy Inc. (NYSE:CVE)

Canoe Financial LP trimmed its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 96.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,000 shares of the oil and gas company’s stock after selling 3,774,700 shares during the quarter. Canoe Financial LP’s holdings in Cenovus Energy were worth $1,997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of CVE. Blue Trust Inc. increased its stake in shares of Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after acquiring an additional 643 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Cenovus Energy in the first quarter worth $205,000. Everpar Advisors LLC bought a new position in shares of Cenovus Energy during the second quarter valued at $211,000. Finally, First Trust Direct Indexing L.P. purchased a new position in shares of Cenovus Energy in the 1st quarter worth about $215,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CVE has been the subject of a number of analyst reports. Scotiabank reduced their price objective on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Finally, BMO Capital Markets dropped their price objective on Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $30.75.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $16.90 on Monday. The stock’s fifty day moving average is $17.47 and its 200 day moving average is $19.01. Cenovus Energy Inc. has a one year low of $14.69 and a one year high of $21.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66. The stock has a market cap of $31.42 billion, a P/E ratio of 9.39 and a beta of 2.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The company had revenue of $10.88 billion for the quarter, compared to analysts’ expectations of $9.78 billion. Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. Sell-side analysts anticipate that Cenovus Energy Inc. will post 1.84 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a dividend of $0.132 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.53 dividend on an annualized basis and a yield of 3.12%. Cenovus Energy’s dividend payout ratio is presently 29.44%.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.